Conducted on behalf of partner Focus Graphite, the results confirmed new flake graphite occurrences, some with relatively high grades.
Initial trenching programs have also been completed on some of them.
As part of agreement signed with Lara, Focus will invest $2.5m on exploration including a minimum of 2,000m of drilling as well as issuing 500,000 common shares to Lara by 14 December 2015 to earn an initial 51% interest in the project.
Focus will also invest a further $4.5m on exploration including a minimum of 5,000m of drilling, as well as deliver a preliminary economic assessment within 2 years in order to earn an additional 9% (for a total of 60%) in the project.
Canindé graphite project comprises 15,614h of exploration licenses accessible on paved highways from the Ceará State Capital, Fortaleza.
